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Bizarro Housing Bubble Spills Over Into "Overbid Madness", $10 Million "Flips" In 24 Hours
While the housing bubble for anything but the ultra luxury segment has long since popped with $1.1 trillion of student loans playing a significant role in the burst, (as explained in "Stick A Fork In The "Housing Recovery"), as can be seen in the chart below which shows that the only increase in existing home sales from a year ago is that for the $500 and over price range (which accounts for only 10% of all actual transactions)....
... when it comes to the luxury segment, things have moved beyond the simply bizarre and have entered outright surreal territory.
Case in point: San Francisco, where realtors have had to come up with a new term to explain what is happening when a house just sold for $600,000 above the $1.5 million asking price! The term: "overbid madness" and it explains well the buying frenzy that has engulfed the smallest portion of the housing market - that of the rarefied ultraluxury housing where the wealthy - almost exclusively offshore buyers - merely flip properties back and forth from each other without regard for price, comps or any other traditional valuation metrics. The underlying objective - parking illegal cash into the safety of the US housing market in which the NAR is a perfectly willing receptacle of laundered money.
Shrouded in fog, and swimming in cash a two bedroom, modern home in the Glen Park neighborhood was just snapped up for $2.1 million.
“That’s really unbelievable,” said Kendra Mastain of San Francisco.
The sleek home on Bosworth sold for $600,000 over asking price. “I’m a RN, I make a decent living,” said Tammy Elder of San Francisco. “I don’t ever picture myself buying a house here.”
Arrian Binnings of Christie’s / Pacific Union told KPIX 5, “That wasn’t even our highest offer.”
Binnings said it’s supply and demand, with most homes for sale commanding 12 percent over asking.
“That is a red hot market,” he said.
And while the bubble for most areas across the US has long since burst, in San Francisco it is raging like never before:
Real estate agents said if new property stopped coming on the market, San Francisco would run out of homes for sale in just five weeks. There were eight offers on the home, but only one person can win. It has turn San Francisco’s real estate market into contestant’s row on The Price Is Right, making the losing bidders desperate
Ridiculous? Yes. Insane? Absolutely.
But San Francisco has nothing on the the insanity that has gripped the ultra luxury housing segment in New York, where within 24 hours, an overzealous seller tried to flip a $31 million three-bedroom condo at One57 purchased on May 6, to an even more overzealous buyer on May 7 for... $41 million - a $10 million price increase in one day!
From Bloomberg:
A three-bedroom condo in the building sold for a record $31 million in April to a mysterious buyer known as Escape From New York LLC. The sale was officially memorialized in public real estate records on Tuesday. Then, on Wednesday, the new buyer put the property back on the market for $41 million, a miraculous 32 percent increase in value.
This is a sign of what real estate writers often describe as “a frothy” market. The Real Deal, which uncovered the fast-appreciating home, describes it as a “4,483-square-foot, 62nd-floor apartment [featuring] four bathrooms and floor-to-ceiling windows.” It must be adorable. But could such comforts be worth $10 million more overnight? We won’t know until the aspiring investor-escapee completes the flip of No. 62A.
A $10 million flip in a day? Why not - and if the greater fool for whom money is no object appears, others will promptly follow:
If the entity known as Escape From New York gets its asking price, there will be at least one other satisfied party in the tower: the owner of a three-bedroom unit on two floors below. That unit sold for $30 million last month, too, in a transaction that inspired a bit of real-estate porn in the New York Times:
“The apartment, No. 60A, has four-and-a-half marble baths and the ultimate view magnet, 60 feet of park frontage in the living/dining/entertaining area. The master suite has his-and-hers baths and bird’s-eye views of the city and the Hudson River. The custom eat-in kitchen by Smallbone of Devizes has hand-painted white cabinetry (although buyers at One57 do have the option of choosing a Macassar ebony color scheme).”
Throw in the optional room service—wouldn’t you expect it at this price?—and such opulence suddenly seems like a bargain at only $30 million.
How much longer can this undisputed housing bubble last? Going back to San Francisco, here is what a Christie's real estate agent thinks:
Binnings believes there is an end to the real estate crazy train. “The type of growth we’re seeing right now is not sustainable year over year, I expect to see these types of prices tame down a little bit,” he said.
Then again, neither Binnings, noe anyone else, has seen what happens when central banks inject $10 trillion into a global economy with very finite real assets.
Expect the sheer idiocy created by Bernanke, the Charimanwoman et al to last at least a little bit longer: because why rush the epic amusement associated with the biggest bubble burst ever seen in human history?
If anything, the more terminal the destruction in its wake, the more certain that the Keynesian idiocy that has gripped the "very serious" people of the world with its final deathly grip, dies the slow and miserable death it so deserves.
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Hope and Change.
Can you say "full retard"?
Fool and his money are soon parted.
A fool with 31 million is definitelly smarter than me.
Its called money laundering
Let's not confuse normal housing with the Fed-stoked beneficiaries. Normal housing has enough issues, but this is not a sign of housing trends, but a sign of money flows.
Armstrong wrote a few weeks, of a lot of rich folks trying to get off the grid ... his answer real estate, of course he through in his old coins as well, but very difficult to get those, otherwise, where can you spent it????
there are quite a lot of folks trying to cash in their chips (foreign and domestic "terrorist " that is).... thats what is really going on...
This too was predicted. One of the key underpinnings of Biflation: after decades of crazy money printing to purchase materials, goods and services from overseas (to fund the giant, chronic trade deficit), the money is coming home to roost. Even with a collapsing economy, inflation lives when dollar-trillionaires come to lavishly spend their booty. To them NY can be had for a song
Can they pay for it in Yuan, or do they have to convert it into dollars first?
not surprised when the fed creates 4 trillion out of thin air and it consolidated in .001 percent's hands.
thanks you cock sucking mother fuckers(the fed and reserves banks and gs and jp)
Throw in the optional room service—wouldn’t you expect it at this price?—and such opulence suddenly seems like a bargain at only $30 million
So, how much extra is the room service? I mean, this is a hellofa bargain at a measly 30m but I don't want to get fleeced on room service.. they always try to squeeze you on that shit. Not to mention the taker-class delivering my food always expects tips too, bunch of assholes!
Here's a handy video to explain the phenomenon*
https://www.youtube.com/watch?v=zPC3HmOcyY8
* Federal Reserve Approved
Remember to wear your gloves everyone!!
Nice vid.
Those guys are Fed Economists, right?
YBNguy:
My first thought was someone is "burying all their money in the ground", and when they go to "dig it up" it won't be there. My second thought was money laundering, but you beat me to it.
"How did you suddenly get that extra X mill in your pocket? You must have done something illegal."
"No. I won it at the races."
"No. I just bought a house and sold it again, and bugger me, the price went up by X mill!"
At this stage, the credibility of both "excuses" is about the same.
I wonder which one is easier to set up?
I wonder how hard would it be to track down details and connections between buyers and sellers and determine if something looks fishy.
But ...
But it all doesn't matter becoz some enterprizing entrepreneurial entrpreneur will see those big profits and think to himself, "I wanna piece of zat", and then he will build more houses and the increased supply will bring back affordability to all!!!
(Yes, I did notice the stats for the poor end of town. That tends to happen when the poor still can't afford the rent or the property taxes, or when the house is hundreds of miles away from the closest job. There's a suggestion for some further areas of study, for anyone who is interested / can be bothered.)
Not so much money laundering (but that too) as Financial Doomsday Shelters for Billionaire Preppers, who need to put all the Easy Money (Illicit gains + QE1+QE2+QE3...) somewhere into real assets, before the Big Reset.
Note also that the Big4 CBs (Fed, ECB, BOJ, BOE) aka "Club Fed" aka "Fed & Friends" are the same ones that comprise IMF's "SDR".
When they set off the Mother Of All Monetary Kabooms, they want to make sure that their fiat "SDR" (and the Debt Obligations behind them) gets adopted by the rest of the planet and that those who don't accept it, are locked out in the cold. That's why the BRICS need to move soon. Very, VERY soon, or they'll get ambushed by the Big4/SDR.
If I were the BRICS, I'd have a multilateral or several bilateral agreements in place for direct currency swaps... THIS year, and be ready to pull the trigger at a moment's notice. Don't let the BS in Syria, Ukraine, Venezuela or Argentina blind or distract you.
The BRICS and others are preparing at speed. Just can't pull out of the station until everyone is on board.
Kirk
Very interesting
Would this kaboom be deflationary or inflationary? I assume it will be deflationary as it is the best way to kill commodity exporting BRICS. Then after the collapse they will re inflate to buy the BRICS for cheap. Will The west destroy russia with a deflationary short acting blitz? This way they will also get the last remaining assets of the US middle class.
TIA
it's a mistake to think china and russia and other brics are not behind sdr implementation. they just want more say!
“We support the reform and improvement of the international monetary system, with a broad based international reserve currency system providing stability and certainty,” the five regimes said in the declaration, calling for Third World dictators to have a greater say in the IMF and the emerging global monetary regime. “We welcome the discussion about the role of the [IMF’s] SDR in the existing international monetary system including the composition of SDR’s basket of currencies."
http://www.thenewamerican.com/economy/item/17817-obama-exploiting-ukrain...
http://www.slate.com/articles/news_and_politics/explainer/2009/04/world_...
http://www.euromoney.com/Article/2172502/SDR-vs-the-Dollar-China-and-Rus...
More well connected prolly. Not necessarily smarter.
being rich has very little to do with being smart but more with lack of morality
Beyond a certain point, that is true.
I have never met a truly moral very rich person.
Some wives who married in yes, but not the men.
Assholes below a pico-meter thin veneer of niceness.
ori
"It is easier for a Camel to go through the eye of a needle,
. . . than for a rich man to get into Heaven."
Jesus Christ
Shouldn't take be a fool and his money is soon printed?
I think bizarro is the new normal...It's all bullshit!!!
If you dig deep enough, it won't be surprising at all. It's simply the right hand and left hand of the same money launderer from China; right hand selling to left hand with a profit whereby the left hand can now have 10 mil cash, minus tax, a simple laundry cost, with which it can legally do other things in the USA. simple. don't buy into the bs.
Quite true. Which could start another boom/bust cycle all over again.
Weren't the Japs were doing it in 1990? Same story, different actors.
#Hopen4PocketChange
Hopen
Pocketchange
good stripper name
lol...yeah, "Lets give it up for sexy lady HashTag!" probably wouldn't work ;-)
Yeah, Hope and Change for the 0.01%. Doom and gloom for the 99%.
Plans call for "83 museum-quality residences," a rooftop helipad and a high-security vault to hold buyers' valuables. Prices on websites marketing the project range from $4.9 million to $45 million.
Read More At Investor's Business Daily: http://news.investors.com/business-inside-real-estate/050814-700162-miami-condo-market-new-boom-cycle.htm#ixzz31MKe322n
Read more here: http://www.miamiherald.com/projects/2014/zipcode/stories/overview/#story...http://www.miamiherald.com/projects/2014/zipcode/stories/overview/
Isn't Miami supposed to be under water (literally) in a few years? Isn't this common knowledge yet?
nope, quite the contrary, water is turning into ice.
Jesus, we can only hope. I'll certainly buy tickets for that one. As it is, I can only sit and hope for a Hurricane Andrew redux--only this time, it'll hopefully bounce back and forth across the entire state like a giant orbital sander...
I wonder what happened to all of the, "New Yorkers" that have been priced out of NYC property markets.
In the early eighties it was said that there were more Puerto Ricans in NYC than in Puerto Rico.
Aw, they're still in rent controlled apartments.
Now see, right there.
What people don't understand is oligarch types don't clean their own houses, they don't wash their own cars, they don't cook their own meals etc.
There has to be voorkers to do zeese things, the staff as it were. So put em out there in "their quarters"...don't even want them on the property.
Look how well government treats the slaves, why, whatever would they do without it?
DAMMIT!!!
Freder: "Father...Where are the people who once built Metropolis?"
Friedersen: "Where they belong."
Freder: "Where they belong?...In the Underground?"
Friedersen: "Yes..."
Metropolis, 1927
Someday my friend, someday...I'm hoping to be around to see it.
Or at least start it ;-)
The Kino Restoration from 2010 is THE version to get.
There is a YouTube version for inspection with German Intertitles but please consider buying the DVD in support of the Restoration.
This is one of the greatest movies ever made, even if you discount the Naivete at certain points. The scene that plays out with the elder Fredersen just before the quotes I gave is as fine an introduction to Kantian Sensibilities as I have ever seen, with the character "Josephat" playing the Categories of the Understanding and the copyists playing the parts of "Linguistic Memory".
The movie is staggering in its accomplishments. After it was cut to pieces by the Hollywood types and others, including the National Socialists who tried to destroy all copies of it, Lang was asked about it.
"Why are you asking about a movie that doesn't exist?"
It survives and we are better for it.
CW
They are living with their parents back in the suburbs, sleeping four to a room , in rent controlled apartments or filling out graduate school applications.
Walking through the streets of New York City last night, I walked past a real estate agent with listings on the window. There seem to be plenty of one bedroom apartment selling for 1.3 to $1.6 million. I remember when I started working in the city 20 years ago the very same apartments were $200,000 tops.
But, there is no inflation.
Depends on the neighborhood. Gentrification will do that. NYC in general has become a much better place to live than 20 years ago, and that drives up the price, regardless of whether there is any inflation.
In Detroit on the other hand, real estate prices have plummeted.
you, sir, are extremely biased.
There is no racism in Detroit. You cannot measure quality of life just by prices (high prices, to make things even stranger!)
The 1% seemed to think its time to convert paper to something they can touch, McMansions, collector cars, coins, land, anything that isn't paper or promise of paper.
The Chinese 1% escaping a sinking ship.
See, why would this EVER stop? What pulls the rug out?
these are nothing but straw buyers and sellers. their all bogus set up amnd pumped by the realtords to keep the american dream/myth alive.
Those numbers must be flyover country. I shop the $75K to $150 market pretty strongly here in Florida and the shit is moving so fast you can't get a look at it before is has a bidding war going on. My sister just sold one of their homes in Jersey for $390 full pop and couldn't find a single place where they wanted to buy on the market. Something popped up in another development and they jumped on it immediately. Odd how the reported numbers are so different than the story on the street.
will you introduce me to your sister?
Guess who will bail these asshole out when all crumbles?
I just picked up a pair of perscription glasses at a top 10% mall in Bellevue WA. The place was frickin' packed to the rafters. Took 20 minutes just to find a parking space in the satillite yard.
I thought maybe it was Mother's Day shopping, but the optomitrist (sp??) said 'it's like this every Saturday and Sunday, this is what these people do'.
This article and what I just saw are so deja vue of early September 2007 - picture perfect replay, but this time the dice are really loaded for a blow out.
Imagine what the entitlement-dependent masses will say when this inflationary madness spills over into their food prices...
Yes. Inflation amidst economic collapse. Biflation
I imagine they'll say, "Give me your fucking money."
Looking at the spinning Washmachine makes you dizzy.
USA: The greatest Laundromat in history!
The flippers presumably are not liable for taxes, service charges, maintenance and repairs which must be astronomical for these properties.
Property taxes may eat these folks alive...but who knows? They already got millions from somewhere. I went with my nephew to look at houses West of Houston and no joke, the property taxes there are in the 3.6% range with $900 -to-$1,200 a year in HOAs...and these houses start at $500k.
I advised him to think long and hard if his salary and job are solid enough for that expense. Same time while we are discussing this aside in the sales office, a middle-aged Chinese man walks in and signs the docs for a $685,000 house CASHOLA!
I later asked the salesperson where these folks get that kind of money and she said,"We're not allowed to ask those questions."
How this will turn out I have no idea but historically this stuff does not end well.
>> this stuff does not end well.
It already hasn't ended well for J6P but the 1% ers seem to be doing just fine.
Peak 1%
Or peak .1%
Or Peak .01%
Peak YARMULKE
Fleeing into hard assets. Talk of IMF world taxes. HMRC and IRS being able to access bank accounts. Talk of anything between 10% to 30% of bank accounts being taxed as a one off to deal with the debt.
Something is coming. Something big. If I had to hazard a guess, I would say Autumn/ winter time, when the weather is wet and cold to lower the risk of riots (summer too warm - increases anger).
Here we go 2008 redux. Only this time the 1% will get kicked out of their houses.
You're kidding, Right?
Not likely when they are buying with ca$h.
they are going to get kicked out of their houses, and into their PALACES
Does not concern me and the vast majoritiy here on ZH and abroad.
Free Fed Money, compliments of future generations stuffed in the pockets of the .001%ers secret bank accounts - which includes crooked Elitist Politicians of both parties, dirty bankers and Wall Street Criminals.....Fucking unbelievable....even more so no one gives a flying fuck that it is happening. No Rule of Law, No Checks and balances, The rest of us are totally fucked in the ass. Welcome to the New World Order.
That is a PERFECT analysis of what has happened in a short statement!! One word..REVOLUTION. And HANG THE TRAITORS.
'hang the traitors' ???
You antisemite!!!
Last round of herd pumping.
See y'all at the bottom.
This shit is beyond ridiculous! Thanks again for the wasteland you've turned the "Middle Class" into Chairsatan and Mr. Yellen, all the while lining the pockets of the .001%.
P.S. That place has a great view for watching mushroom clouds...
True - until all the glass shatters as the lights go dim and the elevators stop...
I'll slip in a dumb question:
Doesn't that make Chairsatan & Chairwoman criminals?
I see all this. And its troubling. But where (if at all) will the burst start? You can't just throw all this info up and say "yeah, look at this. I told you theres going to be a bubble burst." Obviously theres somthing wrong here, but even if there is a so called bubble burst in ultra luxury real estate then why would that affect the larger economy?
Because that's where ALL the money went.
It won't you're correct. Cash sale; well financed purchases never cause any problems for the economy as a whole. We had a real estate problem because of the fantastic nature of the real estate financing that grew up around the mortage industry; extending into packaged mortage "instruments' and insurance on them; etc. etc. Margin, in any of its forms, is the essence of finanical instability; without margin there's never any problem for anyone other than the individual buyer, who may feel unhappy if the quoted value of his property declines; even that is not likely, as we are entering an era of super inflation; this is kind of the warning shot over the bows.
I think it is more indicative of where the ex nihilo fiat is going as opposed to a glimpse into the catalyst for next crash. Art is going through the roof too. When the prices in these luxury items implode, will there be any catestrophic effect on the larger economy? Probably not from the busrting of the luxury bubble, however, whatever causes that to crash might have broader implications. Like the Fed turning off the printing press.
That said, if the Fed doesn't turn off the printing press...
If only the Unions would stop wrecking it for the average working man and we could all individually bargain get a good deal from the corporate boardrooms. You know just file in one by one and say hey Im really doing such a great job if I could get an extra two thousand per year that would still leave you more profitable than ever, I can prove that my quality and productivity is up and that the company will still be making more money than last year.
I also agree with Charlie Munger "at some point" people on less than $60-70K you have to suck it in.
Soak it up dumb fucks.
this guy is lost?????
This is unbelievable to us living in the Midwest. The whole subject is a conundrum and conflicts with so much of what is happening in the economy. The market in our area has never recovered.
I have owned an apartment complex for many years and we are currently experiencing the largest number of vacancies we have ever had. Many houses in the area are empty or under leased. In 2005 and 2006 prior to the housing collapse many people were looking at second homes, for investments or as a vacation getaway.
Today not only have many people shed the extra home many have doubled up with family or friends reducing the need for housing. We are pushing on a string and calling it demand when someone who can barely pay the rent is encouraged by the government to buy a house they can neither afford or maintain. We have a shortage of "qualified" buyers and renters. More on how low interest rates are hurting housing in the article below,
http://brucewilds.blogspot.com/2013/12/super-low-interest-rates-disservi...
Inflation amidst economic collapse. Biflation. There was too much money printing for too long to finance deficits. And policies allowed those at the top to concentrate capital while wages fell (but no trickle down)
consumer goods inflation depends on wages growth which is not happening
assets price inflation depends on money supply which is growing
and do you include groceries in the consumer goods cagtegory?
"I owned an apartment complex for many years---" it's like anything else, there's a time to get in and a time to get out; whether or not there's a problem depends on whose Ox is getting gored. Just because rich people want to live in New York or San Francisco and not twin butt Iowa is no reason to hyper-ventilate.
Uh, I think you're missing something about money laundering. It isn't that simple. Funds for real estate closing are some of the most scrutinized funds in the country. You think you can show up with $30 million for a closing and not have people ask questions about where the money came from? Think again.
The money for a closing does not come in suitcases, it comes from a bank in the form of a cashier's check. If it comes through a bank, it had better already be laundered, because buying an apartment with it certainly won't conceal it. Nobody with $30 million would be stupid enough to try and launder it through real estate. The idea doesn't even make sense.
EDIT: This reply was to YBguy et al. ZH site seems to have put it in the wrong place.
Well I just spoke to someone who knows a Chinese woman who walked into a closing with three suitcases of money. Things are a changin'. Money must be talking.
No you don't. This is a false statement. it didn't happen.
lol you think this is tru,, well at least thats what thay want you to believe , right.. trust assured some of the cash buyers are just that, but IMHO will be losing more than their typical 10% a money launder usually charged once this boges housing market implodes
Yeah, I don't know of a single bank that would have anything to do with laundered money, especially in Asia.
"... things have moved beyond the simply bizarre and have entered outright surreal territory" BECAUSE the ability of the most wealthy to buy is buoyed by the greatest ever creation of more "money" out of nothing in history.
That creation of "money" out of nothing used to be "simply bizarre" but has now "entered outright surreal territory," which manifests in the ways that those who are first in line to benefit are spending that ex nihilo "money."
All over the world, the major Western cities are seeing a condo boom. The super rich have so much money they are "investing" it in out of country property, competing with each other also. A place that might also provide them safe haven if their local governments suffered some kind of earthquake.
Understand, apart from older local folks,it is not locals buying these condos.
Thank God Berfucktard "saved" the economy!!! Otherwise these 1% scum would be living in houses like the rest of us, that would be unthinkable. I hope they get a birdseye view of the flash of a nuclear bomb.
Do you think these homes are bought to live in??
It's not exactly Value Investing. LOL
Your talking about One57 here!
The shinest condo in New-York with the biggest robotic arm in the world so a minimum wage worker can clean your windows every week !
The penthouse on the last floor was bought for 100 million dollars by the prime minister of Quatar !!
Good. We know where they live.
30 million USD will not buy a dozen fresh eggs soon.
They know that they are playing with Monopoly money.
Define "soon".
But....but.....Bernanke is 100% sure there wont be any hyperinflation.
Get set for more : there are plenty of dollar billionaires around the world ready to cash in. We created them. And they will push up the price of all essentials along with the price of chateaus. You would do well to learn a foreign language and go to butler school, learn how to be a loyal, knowledgeable and picturesque local boy who looks down on the American trash all around.
"WE" created them? Not I Kimosabe.
Butler school? HAHA! Nigga, you need to learn how to shoot, move, and communicate; and not in French. Ammo, bitchez!
Price has no meaning when the funds were obtained through theft and corruption.
Precisely. Gotta keep those ill-gotten gains on the move. Spend it if ya got it.
IMO, this pretty much marks a "top" in the RE market.
"Bizarro Housing Bubble Spills Over Into "Overbid Madness", $10 Million "Flips" In 24 Hours"
does this mean rich people are just as stupid as poor people, only that they have more money?
:)
no - this means that the TRIBESMEN have money that you cannot even imagine
Here comes Godzilla ...
But the 10 trillion dollars injected into the economy isn't real money and it has to be paid back.
You antisemite. Better shut up.
This money will be paid back by gentile's grand-grand-children. To the grand-grand-children of the Tribe.
What do you care???
I've been hearing a guy here in LA advertising for months that he'll teach you how to do it if you attend his weekend seminars. But you better hurry because the seminars may be sold out.
I always think of Janet Yellen when I hear his ad.
Is it still possible to get in?
Is a yarmulke necessary???
only between the Tribe, folks
Looks like someone has to do some laundry to clean some ill gotten dirty cash. The final buyer will be someone with large capital gains to realize an offsetting capital loss on the transaction which can be carried back 3 years to offset those capital gains. Obviously the incentive for being the final greater fool will be paid in the Caymans, i.e. fee for doing the laundry.
Kiss My QE http://farm9.staticflickr.com/8169/8029427714_28262201ec_o.png
The pimps and hookers at the National Association of Realtors will put a positive spin on this.
Just hiding some wealth so Obama and his Commies can't get it!
I think it would be funny if the owner of Apt. 60A received a terminal cancer diagnosis while relaxing with a glass of wine in the custom eat-in kitchen by Smallbone of Devizes.
Typically, a housing with a market value of 1.0M will be listed for 600K.
All the lemmings line up and bid it up to 1.050 or 1.1M - agent has earned their pay and the MSM picks up the story to drive more buyer anxiety.
Housing indexes have rolled over - a few pockets are left, but they'll like the rest of the country.
But remember, it's really those silicon valley tech nerds who are the problem, not the oligarchs. Let's blockade
The Google buses, that'll make SF affordable again.
When I came to Houston 40 years ago the new airport was about 3 years old and quite far from the center of gravity of the city. Land around the airport was going up much more quickly than anywhere else. Of course with 3 rules of real estate (location, location, location) this wasn't surprising.
I was told these properties were being "syndicated". From what I gathered, there were a small number of players buying and selling with each other ... each time ratcheting up the property. Real estate commissions weren't an issue ... they were their own realtors ... and lawyers.
This heated things up and others wanted in. At a sufficiently high temperature, the original syndicate exited taking a huge gain. Those holding the bag have waited 30+ years to realize their gain.
There's no reason to think such a scheme would not be used to launder money. In this case, it's like a hedge fund. The money can be laundered through gains or through losses.
Connect the dots.
who can tell me when Ill read an article saying someone flipped a silver eagle collection for 10 mill???
holding silver has crippled me as a business person, just being honest, vant count the times I could have used the capital....
silver is the wooden stake to these vampires, and they will kill to keep it at bay. It is the antithesis to the scam paper that is
the foundation of their corrupt serfdom espousing kindom.
Fun read until I got to :"...Keynesian idiocy that has gripped the "very serious" people...".
Tyler, the housing market is not "Keynesian". Fed policy is not "Keynesian".
You use "Keynesian" like some kind of talisman to ward off critical thinking.
If you need buzzwords, Tyler, to get the concept of Keynesian economics right then they are: employment, consumerism, Trickle-up Economics.
Start with those concepts when you talk of "Keynesianism".